Autumn Statement 2016

The Chancellor, Philip Hammond’s first (and last) Autumn Statement from a tax perspective was fairly uneventful and largely confirmed many changes which had previously been announced would go ahead such as the reduction in the rate of Corporation Tax to 17% by 2020, changes to the taxation of non-domiciled individuals and offshore trusts from 6 April 2017 and restrictions to the use of salary sacrifice. Some minor new measures were announced and these are detailed below. The lack of new tax legislation is perhaps unsurprising following the Chancellor’s announcement that there was usually no need for bi-annual changes to the tax system and confirmation that we would move to an Autumn Budget from 2017 and a Spring statement from 2018 which would not generally make changes to the tax system.

With GDP set to slow in 2017 before recovering slowly, the Chancellor confirmed that he wanted to promote fairness and broaden the tax base and again highlighted previously announced policies to target individuals who held undeclared and untaxed monies overseas. He also confirmed that his aim was to ensure that “Britain remains the number one destination” and there were clear indications that he wanted to boost investment in key areas such as the tech industries and focus on infrastructure improvements to boost productivity in an attempt to cushion the impact of Brexit.

Many advisors were temporarily relieved there was no mention in the Chancellor’s Autumn Statement 2016 speech of the UK…

Despite lacking any meaningful detail, the Chancellor did reveal some small changes to foreign pensions which will be…

Within the 2016 Autumn Statement, changes were announced to tackle disguised remuneration schemes by employers and employees…

To ensure the UK tax system is strongly pro-innovation, the government will review ways to build on the introduction of…

Read the Full Report
Philip Hammond delivers his first Autumn Statement. We highlight areas relevant to UK based international individuals, families and businesses.

This article has been written for the general interest of our clients and contacts to stimulate further thought and enquiry. It does not contain answers to specific situations and it is therefore essential to treat it as a prompt to take specific advice on any real and particular issues. We believe that the facts as summarised in this article are correct as at the time of going to press in November 2016. If we discover that the article might be read in a way that conveys a misleading impression (whether by tone, content, error or omission) we will make the necessary changes and draw attention to what has been changed once we become aware of the need to do so. We will not be responsible for any action taken by a reader who relies on the article but does not seek further advice to answer any specific query.

© 2019 Frank Hirth PLC. All rights reserved.